Question

Dividends Per Share

Sandpiper Company has 15,000 shares of cumulative preferred 1% stock, $50 par and 50,000 shares of $10 par common stock. The following amounts were distributed as dividends:

Year 1	$15,000
Year 2	3,000
Year 3	22,500

Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter '0'.

	Year 1	Year 2	Year 3
Preferred stock (Dividends per share)	$	$	$
Common stock (Dividends per share)	$	$	$

Entries for Issuing Stock

On January 22, Shamrock Corporation issued for cash 17,000 shares of no-par common stock at $45. On February 14, Shamrock issued at par 7,000 shares of 8%, $50 par preferred stock for cash. On August 30, Shamrock Corporation issued for cash 35,000 shares of preferred 8% stock, $50 par at $55.

Journalize the entries to record the January 22, February 14, and August 30 transactions.
For a compound transaction, if an amount box does not require an entry, leave it blank.

Jan. 22
Feb. 14
Aug. 30

Entries for Cash Dividends

The declaration, record, and payment dates in connection with a cash dividend of $51,000 on a corporation's common stock are February 1, March 18, and May 1.

Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank.

Feb. 1
Mar. 18
May. 1

Answer 1

Solution for First Question

	Year-1	Year-2	Year-3
Preferred Stock ( Dividend per Share ) ( Dividend/ No. of Stock) (b/15000)	$0.50	$0.20	$0.80
Common Stock ( Dividend per Share ) ( Dividend /No. of Stock) (c/50000)	$0.15	$0.00	$0.21

Working note
	Year-1	Year-2	Year-3
Earning (a)	$15,000.00	$3,000.00	$22,500.00
Dividend to be paid to Preferred Stock	$7,500.00	$7,500.00	$7,500.00
	(15000*50*1%)	(15000*50*1%)	(15000*50*1%)
Dividend paid to Preferred stock (b)	$7,500.00	$3,000.00	$12,000.00
			(7500-3000)+7500
Balance ammount to be distributed to Common stock (c=a-b)	$7,500.00	$0.00	$10,500.00

As HOMEWORKLIB RULES only first question can be solved.